Under the pressure of corporate life and marginal income from their job, so many people aspire to have some passive income. Passive income is all about earning money without putting much effort. It is the income which keeps flowing to your account even while you are sleeping. Having passive income enable you to follow your passion and spent quality time with your family. Ultimately, it is the passive income which may lead you to Financial Independence. In this article, I am going to reveal 20 passive income ideas which you must try in 2019 on your journey to Financial Independence.
Some passive income sources which can be initiated with minimal initial investment are:-
- Network or Multilevel Marketing
Network or Multilevel marketing is a full proof solid asset building business. You can start this business with zero or minimal initial investment.
The idea of network marketing is based on doing direct selling with the power of words of mouth and power of duplicity. Here there are three important terms to explain- “Direct selling” and “power of words of mouth” and “Power of duplicity.”
Direct selling concept is to deliver the product directly from the producer to consumers. Have you ever buy any product or from a shop based on a referral from your friend or relatives? I guess almost most of you have done this. This is the power of words of mouth.
In network marketing people uses the product and share his experience about the product. Anyone who likes the product may purchase the product and company share some profit to the referrals. This is similar to affiliate marketing about which I will discuss later in this article.
Apart from that people also invite other interested people to join the business and teach them to duplicate their success. In this way, a network grows. This is the power of duplicity. The consumption and business volume of company increases with growth of network. Company shares the part of profit among the people in the network.
The best thing about networking marketing is you always have a mentor who will guide you to build your business and make you a leader. Also, Network Marketing companies provide a platform to teach you about business and grow your business.
The concept of Network Marketing is misused several times and many fraud companies came in the market which spoiled the image of Network marketing. However, the government of most of the countries across the globe found the strength of the concept of network marketing and brings the regulation for Network Marketing companies. It is one of the most efficient methods to build an asset with zero or minimal initial investment.
There are various methods to identify the right Network Marketing companies. I am sharing here some of the points which may help you find the right Network Marketing companies.
- It insists very much on your learning and developing leadership quality in you to make you a great leader.
- Products of the companies are re-usable and care about the need of consumers.
- Instead of focusing more on profit and inviting more and more people to join the network, it focuses more on building trust among consumers.
2. Investing in Crowdfunded Real estate
Investing in real estate is a traditional top method to build an asset and earn passive income. But it was limited to some high-class people as it involves a huge sum of investment.
But Crowdfunded Real estate concept has made it feasible for low-income people as well. You can start your investment in real estate with small initial investment through Crowdfunded investment. Instead of doing all the work, a Crowdfunded company uses your money in real estate business and give you a dividend in returns.
Crowdfunded companies like Fundrise offers to start an investment with a small budget of $500. They are offering returns of 8.7%-12.4% returns. Realtymogul is another company which offers to start investing in real estate at $1000.
Although it is recommended to take advice with an investment adviser before investing as investing money is nothing but risking money.
3. Lending your Money
It is also one of the most traditional methods of passive source of income. In ancient time people having surplus money lend their money to the needed. In return, they earn interest on their money as income. But sometimes it used to become a hectic job to get the money back in traditional time.
Nowadays, with the advance in technology, lending and borrowing process can be done sitting in your home. Peer-to-Peer lending system has made it easy for borrower and lender to meets their needs. A lender can lend their money easily and can get 5-12% in returns.
LenidngClub and LendingPoint are some of the leading Peer-to-Peer site lending site. After approval of borrower’s risk factor, Peer-to-Peer sites connect the borrower with a lender or a group of lender who can lend their money and can earn interest on it.
4. Affiliate marketing
Affiliate marketing is one of the best ideas for earning passive money. Affiliate marketing is about promoting a product and earning commission over it.
It doesn’t need your much investment as you do not need to create a product. You can promote the product through your social media accounts, your blog and, your website.
Some of the popular affiliate platforms are Amazon associates, Clickbank, Sharesale, Commission Junction etc. You can start promoting once you start once those platforms accept you.
You will get a link from these platforms to promote their product or services. You can put that link over your blogs or social media accounts. Anyone if buy the product or use the services from your link, you will get a commission.
5. Start a blog
Several bloggers are making a good sum of side income from their blog. Some even left their job to become a full-time blogger. A blog is a good source of passive income for them. But, I am not making any money from this blog. I have not monetized my blog yet. It is just for spreading knowledge.
Anyone who knows about using the internet can start their blog. They can blog about anything as per their interest like food, lifestyle, education, health, travel, science, technology etc.
Although a blogger makes money in several ways, I am going to mention some most popular ways to make money from a blog.
- Many people sell their blog after growing it for some time. The value of your blog increases as it grows older. They start their blog at a minimal price of $3/month to $4/month and sell their blog later at a good price. There are sites like Flippa where one can sell their blog.
- Ads- Some blogger runs ads on their blog page. The number of times anyone clicks over the ads they get commission per click.
- Affiliate Marketing- This is one of the best ways to make money from a blog. Blogger uses the links of the products and services in their blog. Anyone if buy the product or uses the services, the blogger gets commission over it.
Income to a blogger keeps coming even during sleeping hours at night.
6. Start a Dropshipping store
Dropshipping is a concept of selling a product online without worrying about delivery of product to customers. You can leave the tension of the delivery to product owners or drop shippers.
You just need to make a list of good physical or digital product and a good shipping partner for your store.
There are several platforms which provide you facilities to create your online stores. Some of the popular platforms are BigCommerce, Shopify, Wix stores, Volusion, Squarespace Big cartel etc.
Although you can build online stores over several platforms, Shopify is mainly focused on Dropshipping business and had many automatic features which help the beginners to start their stores on their own.
7. Create and sell WordPress theme
Most of the blog and website are today based on WordPress. People are always looking for some popular and good looking and reliable unique theme for their website.
Anyone who is good in coding can design a theme and sell. Once a theme gets popular, it is going to be a good and continuous source of income for each day. Numbers of blog and website get launched each day. And the best thing about a digital product is it can be sold an infinite number of times.
Some platforms to sell WordPress theme are CodeCanyon, ThemeForest, Mojo Themes etc.
8. Create and sell WordPress plugin
WordPress Plugin simplifies certain task or function. Millions of the website users download Worpdress plugin every day and use it to customize their website for better experiences.
If you can able to create a plugin which can help users then you can earn a good source of passive income by selling your plugin. It is a great way to earn passive income.
9. Sell photos online
Indeed it is a photo generation. Every day you may find someone clicking some photographs on your way. But can you imagine you can earn passive income from your photography passion with little effort?
If you are passionate and have skills in photography, you can capture beautiful pictures and sell them online.
All you need is a professional camera or a smartphone with good picture quality.
There are several platforms where you can sell your photos. Some may pay you based on times of install or some may pay you directly a fixed amount for each picture.
Shutterstock, Fotolia and many more websites are there where you can sell your photos.
10. Cash Back apps
It is a good option for them who love to do online shopping.
There are various apps which give cash back on installation and every time you do some shopping you will get some cash back. These apps reduce your spending and save some of your money.
Some of the popular cash back apps are Swagbucks, Ebates, Ibotta etc. You can sign up to these ups to avail the benefits of cash back on your online shopping.
11. YouTube Channel
Creating a YouTube channel is an awesome way to make passive income.
In present times people prefer videos instead of text or audio for information. YouTube is the biggest video search engine.
Millions of people are earning good passive income from their YouTube channel. If you are passionate about making videos, you can earn good amount of money from your YouTube channel.
Even If you are an expert in a particular field you can make a video tutorial and can build a good amount of viewership on your YouTube channel.
YouTube pays its publisher by running ads on their videos. Apart from ads, you can also make money through affiliate marketing, reviewing products, selling products, driving traffic to your blog and in many ways.
It takes time to build a huge subscription to make it profitable. You need to patient and consistent. Once you get the result, you will start making money passively.
12. Selling an online course
Selling an online course is also a good source of passive income for those who are good in teaching.
Your course may contain Videos, newsletters, email or e-books. Although it takes a lot of effort to make an online course, once you have prepared the course you can sell it online easily. If your course is useful for the users you are going to earn a good amount of passive income online.
Some popular platforms to sell your digital course are Udemy, Teachable, Skillshare etc.
13. Selling T-shirt Online
Can you make a creative design for a T-shirt? It can be a good source of passive income for you.
Millions of people are fond of funny design and quotes. With little creativity, one can make good design. This will make more sells in this business.
There are several platforms which you can sign up and send your design. They will print your design on a T-shirt and deliver to your customers. They will share some profit to you.
Some of such platforms are Teespring, Teemil, etc.
14. Place Ads on your vehicles
Can you ever imagine using your car for advertisement? You can and this way you can make some passive income from this.
You can place an advertisement on your car window. Wrapify nad Carvertise is the best place to list your car for to get paid on advertisement over your car.
15. Sell digital products on Pinterest
Are you fond of using Pinterest? Can you ever imagine making money through Pinterest? Yes, you can. Pinterest is a search engine and not a social media platform.
Blogger, website owner or online store owner uses Pinterest to drive traffic to their blog, website or their product page.
You can also advertise affiliate products, CPA offers, own products, courses, e-books, and many more things.
16. Rent a storage space
You can rent your storage space to earn some passive income. You can start doing just by signing up some platforms like Justpark and Stashbee.
17. Rent your stuff
You can also rent your stuff like furniture, ladders, chainsaws, and much more useful stuff to earn some passive income from it.
You can sign up some platforms like Craigslist, PeerRenters, Rentomojo etc.and start renting your stuff and get some money in returns.
18. Rent your car
You can also list your car with rental car platforms to earn some money from your cars. There are several platforms like Turo, Hyrecar and many others local classified platforms.
19. Write and sell an eBook
Writing and selling an eBook is a good source for side income who loves to write. It doesn’t require any great skills.
You can write an eBook on any topic of your interest which can help or entertain your customers. You can write eBooks over lifestyle, business, cooking, blogging etc.
You can sell your eBook using platforms like Amazon Kindle, Blurb, Nook Press and many more.
20. Rent your vacant room or flat
Do you have a room or flat vacant at your house? You can rent them up to get some passive income from it. You do not need to work for getting that income.
You can simply list your room or flat on a website like Magicbricks, Spareroom, Roomsters etc. People in need will contact you automatically.
Don’t forget to sign an agreement as per rules and regulations.
There are several passive income ideas which you can try in 2019 on your journey to Financial Independence. Although, it is recommended that you should adopt any ideas as per your interest and passion.